All:  I'm just starting out in NJ, and I was hoping to get some good advice.My goals are to get into the pattern of doing 4 rehabs a year and 1 buy-and-hold a year.I'm considering buying a 3-family (about $300K-$400K) or a 2-family home ($230K- $280K) as a buy-and-home investment property.  

@Curt SmithI'll make a really broad statement, if you do want to do one or two sandwich lease option deals a year it's not a big deal as far as being licensed, this is only my opinion but I think most "departments of real estate" could care less of 1 or 2 dealsThe big point I'm trying to make is if you want to do 50 to 100 of these deals a year, there's no way around not being licensed in most states because you're acting as a major business operation, there is a pattern of similar business activityAnd I've said this over and over, all it takes is for you to get a negative reputation at the department of real estate in your state which will stain your reputation from being licensed in the future; all it takes is one real estate broker to write a letter to the commission and now you've got headachesIt's prudent just to get licensed and build a business you can be proud ofA sidenote:  I think a lot of people on BiggerPockets think that if you are licensed it stops you from doing creative deals,  that's not true at all.Regarding sandwich lease options on nice houses in nice areas, Dodd Frank excludes your relationship with the owner as an investor, if your subleasing and sub optioningI think there's a great opportunity for you getting rent credits and doing creative contracts with your owner as an investor with sandwich lease options, but don't be broke and not have some reserves like 3 to 6 months in case the tenant buyer doesn't pay you when you sub option and subleaseAnother issue is be careful of who you let into the house and make sure the tenant buyers  work on their credit and save money for down payment and they truly want to be homeowners.

Even so, it does look like most of the increase in rentals is likely to be permanent, particularly in light of the fact that no economist or housing expect I know is predicting a return to the pattern of development and growth seen during much of the past few decades.and the biggest takeaway I have from this work, is that in growing, popular areas like Portland, even if the market shifts back toward ownership somewhat, overall demand will increase for both [ownership and rentals].

Forgot to mention Edward getting off the interstate ramp you need to see traffic patterns for where your property is located versus the other side.

Single Family homes rely on appreciation, market swings, school systems, traffic patterns, and even bad neighbors.

I have even hand filed an existing Key to change pattern.

Yes, stained concrete in lieu of flooring can look beautiful and can be done with amazing patterns, but have you ever tried to remove a wine stain (that the tenant failed to clean up) from stained concrete?  

Granite and marble?  

Could the tunnel maintenance change traffic patterns that would make local train stations more desirable?  

Real Estate follows a cyclical pattern and it would be interesting to see where you think it is in the cycle?"